Report published August 24, 2026
NVIDIA (NVDA) F2Q27 Earnings Preview: J.P. Morgan Projects Beat-and-Raise on GB300 & Vera Rubin Momentum
Source and citation context
- Issuer
- J.P. Morgan
- Report date
- August 24, 2026
- Analysis as of
- August 21, 2026
Authors / editors: Harlan Sur (Primary Analyst), Mayur Ramdhani (Analyst), Apoorva Kumar (Analyst)
Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
J.P. Morgan previews NVIDIA's F2Q27 earnings, forecasting revenue of $94B-$95B vs. $92.1B consensus and F3Q guidance of $107B-$108B vs. $104.5B consensus. The firm reiterates an Overweight rating and $280 price target based on solid product ramps and undemanding valuation multiples.
Key Takeaways
- 1.J.P. Morgan expects an F2Q27 revenue beat with revenue of $94B-$95B (vs. $92.1B consensus) and above-consensus F3Q guidance of $107B-$108B driven by GB300 ramp and initial Vera Rubin shipments.
- 2.Near-term beats may not immediately drive stock outperformance, with investor focus shifting to AI compute competition (ASICs/XPUs), HBM spec downgrades, China shipments, and infrastructure financing deals.
- 3.Reiterated Overweight rating and $280 price target, viewing current valuation multiples (~17x CY27 EPS, ~13x CY28 EPS) as undemanding given sustained EPS expansion.
Table of Contents
- NVIDIA Corporation
- Investment Thesis, Valuation and Risks
- Important Disclosures
- NVIDIA Corporation (NVDA, NVDA US) Price Chart
- Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe
- J.P. Morgan Equity Research Ratings Distribution, as of July 04, 2026
- Other Disclosures
Report data
Figure 2: NVDA historical revenue guidance beat/miss — as of August 21, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Closing Stock Price | 214.72 USD | NVDA closing price prior to publication |
| Price Target | 280.00 USD | December 2026 Price Target |
| F2Q27 Projected Revenue | 94-95 USD Billion | J.P. Morgan F2Q27 revenue estimate vs Street consensus of $92.1B |
| F3Q27 Guidance Revenue Expectation | 107-108 USD Billion | J.P. Morgan expectation for F3Q revenue guidance vs Street consensus of ~$104.5B |
| GB300 & GB200 Rack Shipments | 17-18 Thousand Racks | Estimated total rack volumes ramp for July quarter |
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Authors / Editors
Reported Data Context
- Closing Stock Price: 214.72 USD (2026-08-21)
- Price Target: 280.00 USD (2026-12)
- F2Q27 Projected Revenue: 94-95 USD Billion (F2Q27)
- F3Q27 Guidance Revenue Expectation: 107-108 USD Billion (F3Q27)
- GB300 & GB200 Rack Shipments: 17-18 Thousand Racks (F2Q27)